Unaudited 3-month interim financial statements for the period:01.07.2008-30.09.2008


1. COMMENTS ON ECONOMIC ACTIVITIES                                              

1.1. General information and changes in organisational structure                

AS Kalev pursues several fields of activity, including manufacturing and sale of
foodstuffs, real-estate-related activities, print media and telemedia,          
publishing activities. The company has long-term experience in the confectionery
and dairy product segment. AS Kalev has also pursued various real estate        
development and management projects for a longer period of time. The company's  
strong development and expansion of its activities into the media and publishing
segment and the associated segments began in the previous financial year and has
continued in the reporting period.  Foodstuff production is carried out in five 
production plants located in Põrguvälja (in Rae Municipality), Paide, Viljandi, 
Jõhvi and Kiviõli. The products are, among other channels, sold through the     
company's pan-Estonian retail chain, consisting of 15 candy stores and          
cafeterias. Kalev Group's parent company is AS Kalev. In addition, the group    
incorporates eighteen subsidiaries.                                             

AS Kalev has a significant interest in the following companies:                 
--------------------------------------------------------------------------------
| Subsidiary company              | Location     | As of        | As of        |
|                                 |              | 30.09.2008   | 30.06.2008   |
--------------------------------------------------------------------------------
| AS Kalev Paide Tootmine         | Estonia      |         100% |         100% |
--------------------------------------------------------------------------------
|   | AS Valmetek Invest          | Estonia      |        66,7% |        66,7% |
--------------------------------------------------------------------------------
| AS Kalev Jõhvi Tootmine         | Estonia      |        99,1% |        99,1% |
--------------------------------------------------------------------------------
| AS Vilma                        | Estonia      |         100% |         100% |
--------------------------------------------------------------------------------
| AS Kalev Real Estate Company    | Estonia      |         100% |         100% |
--------------------------------------------------------------------------------
|   | EOOD Stude REC              | Bulgaria     |         100% |         100% |
--------------------------------------------------------------------------------
|   | OÜ BCA Center               | Estonia      |         100% |         100% |
--------------------------------------------------------------------------------
|   | OÜ BCA Kinnisvara           | Estonia      |         100% |         100% |
--------------------------------------------------------------------------------
| AS Kalev Chocolate Factory      | Estonia      |         100% |         100% |
--------------------------------------------------------------------------------
|   | OÜ Maiasmokk                | Estonia      |        86,4% |        86,4% |
--------------------------------------------------------------------------------
| Kalev Merchant Services Ltd     | USA          |         100% |         100% |
--------------------------------------------------------------------------------
| OÜ Sugarstar                    | Estonia      |         100% |         100% |
--------------------------------------------------------------------------------
| AS Inreko Press                 | Estonia      |         100% |         100% |
--------------------------------------------------------------------------------
| OÜ Olliwood                     | Estonia      |         100% |         100% |
--------------------------------------------------------------------------------
| AS Eksklusiiv                   | Estonia      |         100% |         100% |
--------------------------------------------------------------------------------
| AS Kalev Meedia                 | Estonia      |         100% |         100% |
--------------------------------------------------------------------------------
|   | OÜ Eesti Spordikanal        | Estonia      |         100% |         100% |
--------------------------------------------------------------------------------
| OÜ AgriStock                    | Estonia      |         100% |         100% |
--------------------------------------------------------------------------------


The members of the Management Board of AS Kalev are elected and removed pursuant
to the procedure provided by the Commercial Code. Under the Commercial Code, the
members of the Management Board and appointed and removed by the Supervisory    
Board of AS Kalev. A member of the Management Board shall be elected for a      
specified term of three years unless the Articles of Association prescribe      
another term. Extension of the term of office of a member of the Management     
Board shall not be decided earlier than one year before the planned date of     
expiry of the term of office, and not for a period longer than the maximum term 
of office prescribed by the law or the Articles of Association.                 

A member of the Management Board may be removed upon a resolution of the        
Supervisory Board of AS Kalev regardless of the reason. Rights and obligations  
arising from a contract concluded with the member of the Management Board shall 
terminate pursuant to the contract. A member of the Management Board may resign 
from the Management Board with good reason if he or she gives notice of his or  
her resignation to the Supervisory Board and, if this is impossible, submits a  
relevant application to the registrar of the commercial register. With good     
reason, a court may appoint a new member to replace a removed member of the     
Management Board on the petition of the Supervisory Board, a shareholder or     
other interested person. The authority of the court-appointed member of the     
Management Board shall continue until appointment of a new member of the        
Management Board by the Supervisory Board. The members of the Management Board  
of AS Kalev shall be appointed for a term of three years in accordance with the 
Articles of Association of AS Kalev. If the Management Board has more than two  
members, the Supervisory Board of AS Kalev shall elect the Chairman of the      
Management Board amongst the members of the Management Board.                   
Pursuant to the Commercial Code, a resolution on amendment of the Articles of   
Association shall be adopted if at least two-thirds of the votes who participate
in the meeting are in favour. A resolution on amendment of the Articles of      
Association shall enter into force as of the making of a corresponding entry in 
the commercial register. The Articles of Association of AS Kalev have not       
prescribed a greater majority requirement. AS Kalev has only one type of shares.

AS Kalev may be represented in all legal acts by any member of the Management   
Board. Under the Articles of Association, if the Management Board of AS Kalev   
has three or more members, the public limited company may be represented in all 
legal acts by the Chairman of the Management Board alone, or other members of   
the Management Board together with the Chairman of the Management Board.        
Pursuant to the Commercial Code, joint representation shall apply with regard to
third persons only if it is entered in the commercial register. The members of  
the Management Board of AS Kalev shall not have the right to issue or repurchase
shares. No agreements have been concluded between AS Kalev and its Management   
Board members or employees, stipulating any monetary compensation in connection 
with the takeover set forth in section 19 of the Securities Market Act.         

A significant change was introduced in the group structure in the first quarter 
of the financial year 2008/2009. Namely, AS Kalev's subsidiary AS Kalev Paide   
Tootmine appointed Taavi Toots as member of the Management Board of the public  
limited company on 19 September 2008. Taavi Toots, member of the Management     
Board of AS Kalev Paide Tootmine, has also served as the financial director of  
AS Tere since July 2007, and is a member of thee Supervisory Board of AS Tere.  
Taavi Toots is also a member of the Supervisory Board of AS Solidum and AS      
Meieri Transport since June 2007. Taavi Toots holds no shares in AS Kalev.      


1.2. Financial results                                                          

The following factors had a significant effect on the consolidated financial    
results of AS Kalev Group in the first quarter of the financial year 2008/2009: 

1) nearly a 13.5% increase in net turnover of goods and services, compared to   
the comparative period;                                                         
2) nearly a 38% increase in consolidated gross profit, compared to the          
comparative period;                                                             
3) increase in revenue from the real estate segment - the company disposed      
previously launched projects, and generated revenue in the new segment (public  
real estate market);                                                            
4) nearly a 4% increase in the sale of confectionery products, regardless of the
overall decrease in total market demand; the segment's profitability has        
doubled;                                                                        
5) the share of the domestic market in the total sale of commodities (96% of net
turnover) has significantly increased, while the share of export in total       
turnover has become insignificant due to the reorientation of the dairy segment 
to service provision;                                                           
6) the development of the media and event marketing area, which underwent a     
quick development in the previous year, continued, with the revenue showing a   
slight decrease in the reporting period.                                        

The consolidated net sales of AS Kalev for the first 3 months of the financial  
year 2008/2009 amounted to 353.9 million kroons (22.6 million euros), showing a 
13.5% growth compared to the same period last financial year. The net sales     
dynamics differed by segments: revenue from the real estate market showed a     
strong growth, with positive growth also seen in the sale of confectionery      
products. The media and event marketing segment sales somewhat decreased,       
compared to the same period last year. Further to the structural changes in the 
dairy segment in the second half of the last financial year, the revenue for the
first quarter of the financial year is not directly comparable with that of the 
previous year. The Group's total turnover for the reporting period was affected 
by the increase in real estate sales and decrease in dairy sales.               

The consolidated net profit of AS Kalev for the financial year 2008/2009        
amounted to nearly 29.8 million kroons (1.9 million euros), compared to the 10.8
million kroons (0.7 million euros) in the comparative period.                   

In the first three months of the financial year 2008/2009, AS Kalev Group had an
average of 806 employees (874 employees in the comparative period last financial
year).                                                                          

The net sales and net profit of AS Kalev Group companies for the financial year 
2008/2009 have been brought out in the below tables (in thousands of kroons and 
euros), separately for each company. Comparative data has been brought out on 14
companies.1 As the balance sheet volume of the subsidiary Kalev Merchant        
Services Ltd makes up less than 0.5% of the parent company's turnover, the      
financial indicators will not be consolidated. The date on the associated       
company is not included. AS Uniprint was incorporated as a subsidiary in the    
last financial year; under the shareholders' agreement, AS Kalev had the right  
to purchase all shares of the company. However, AS Kalev did not exercise this  
right. AS Uniprint is thus not considered a subsidiary from 1 April 2008. The   
data on AS Kalev Paide Tootmine, AS Kalev Real Estate Company and AS Kalev      
Meedia also include the corresponding financial results of their subsidiaries.  
 *consolidated                                                                  
** the activities have been transferred to AS Kalev Meedia                      
*consolidated                                                                   
** the activities have been transferred to AS Kalev Meedia                      

AS Kalev's financial gearing did not increase in the reporting period. A        
decrease in current liabilities resulted in an increase in the group's current  
ratio (see table below). A bond issue was carried out in the period in order to 
refinance the group's development needs. The ROA of Kalev Group was positive in 
the first quarter of the financial year, doubling compared to the same period in
the last financial year.                                                        

The most important financial ratios of AS Kalev have been brought out in the    
below table:                                                                    
--------------------------------------------------------------------------------
|                                     | AS Kalev Group                         |
--------------------------------------------------------------------------------
|                                     | 01.07.2008-       | 01.07.2007-        |
--------------------------------------------------------------------------------
|                                     | 30.09.2008        | 30.09.2007         |
--------------------------------------------------------------------------------
| Current ratio                       |              0.82 |                0.6 |
--------------------------------------------------------------------------------
| Financial gearing                   |              0.74 |               0.76 |
--------------------------------------------------------------------------------
| Asset turnover ratio                |              0.19 |               0.23 |
--------------------------------------------------------------------------------
| Net profit margin (%)               |             0.084 |              0.035 |
--------------------------------------------------------------------------------
| Return on assets, ROA (%)           |             0.016 |              0.008 |
--------------------------------------------------------------------------------
--------------------------------------------                                    
* The financial ratios have been calculated based on the following methods:     
Current ratio = current assets / current liabilities                            
Financial gearing = total liabilities / average total assets                    
Asset turnover ratio = revenue / average total assets                           
Net profit margin = net profit / revenue * 100%                                 
Return on assets (ROA) = net profit / average total assets * 100%               

1.3. Product market and sales                                                   

1.3.1. Confectionery products                                                   
The total volume of sales of AS Kalev's confectionery products amounted to 2,056
tons in the first quarter of the financial year 2008/2009. This constitutes an  
8% decrease, compared to the same period last financial year (2,228 tons). 87%  
of the confectionery products were sold on the domestic market and 13% were     
exported.                                                                       
According to the retail trade survey conducted by the survey company AC Nielsen 
in August/September 2008, AS Kalev's market share in the chocolate and sugar    
confectionery market was 37% as regards turnover and 40% as regards volume. On  
the local biscuit market, Kalev's market share was 6.9% as regards turnover, and
8.7% as regards volume.                                                         
Kalev Group's total volume of sale of sugar and chocolate confectionery product 
segment amounted to 1,390 tons in the first three months of the financial year  
2008/2009. This constitutes a 3% decrease from the total volume of sugar and    
chocolate confectionery products sold in the same period last year. At the same 
time, the dynamics of the sale of confectionery products was different for      
different product groups: revenue from boxed chocolate candy (15%), dragee (12%)
and chocolate tablets (7%) showed the quickest growth. Candy sales also showed  
an increase (3%). Compared to the same period last financial year, an increase  
can be seen in the sale of boxed chocolate candy (18%) and dragee (3%), while   
the volumes of other confectionery products have remained on par, or have       
somewhat decreased.                                                             
A total of 6 new products were launched in the reporting period. The chocolate  
and sugar confectionery segment saw an expansion of the Kalev brand chocolate   
series - the company launched the new “Kalev Milk” milk chocolate with toffee   
and peanuts (100g). The company launched a new exclusive chocolate series under 
the “Kalev Finest Chocolates” series, which includes “Kalev dark chocolate with 
orange and green tea” (70g) and “Kalev dark chocolate 72%” (70g). Kalev also    
launched a selection of 20g chocolate tablets with the cartoon figure Lotte     
design for children - “Kalev milk chocolate” (20g) and “Kalev white chocolate   
with biscuit pieces and strawberry” (20g).                                      
Kalev Group's total volume of sale of flour confectionery products (pastry      
products, biscuits, flour mixes) amounted to 666 tons in the period.  The sale  
of flour confectionery products decreased by nearly 17% compared to the same    
period last financial year. Similarly to sugar and chocolate confectionery      
segments, different sales dynamics can be distinguished among the product groups
of the flour confectionery segment: for instance, the turnover of flour mixes   
increased by 47% and the sales volume by 39%, compared to the last financial    
year. The share of export is immaterial in the flour confectionery segment.     
The flour confectionery products saw a new addition to the Vilma flour mixes in 
the first quarter of the financial year,-with the company launching “Vilma      
biscuit powder with milk chocolate  drops” (400g).                              
A majority (87%) of the total turnover from the confectionery products (i.e.    
sugar, chocolate and flour confectionery products) was generated on the domestic
market in the first quarter of the financial year 2008/2009; sales to different 
foreign markets amounted to 13% of the total turnover (on par with that of the  
previous period). The biggest export destinations for Kalev's confectionery     
products are Latvia, Lithuania and the so-called Travel Trade segment.          


1.3.2.  Dairy products                                                          
Similarly to the previous period, the operations of Kalev Group's dairy segment 
in the first three months of the financial year included service provision      
through the subsidiary AS Kalev Paide Tootmine. In the given period, AS Kalev   
Paide Tootmine mainly rendered services to AS Tere and the Jõgeva Milk          
Producers' Association. Further to the structural changes in the dairy segment  
in the second half of the last financial year, the revenue for the first quarter
of the financial year is not directly comparable with that of the previous year.
The seasonal nature of milk production also affected the production volumes: in 
total, 2,058 tons of products were manufactured from July to September under the
service contract, incl. 984 tons of different powder, 765 tons of cream and 309 
tons of milk. The company mainly produced skimmed milk powder and, to a lesser  
extent, cream and milk powder.                                                  
In the first quarter of the financial year 2008/2009, the company planned to    
acquire AS Tere and OÜ Põlva Piim Tootmine. Due to circumstances beyond the     
control of the company, the transaction was not completed in the first quarter  
(it was completed ten days after the balance sheet date, on 30 September 2008). 
                                                                                

1.3.3. Real estate activities                                                   
AS Kalev pursues real estate management and development activities through its  
subsidiary AS Kalev Real Estate Company (hereinafter Kalev REC), and through its
subsidiaries and associated companies. In real estate activities, the group     
bases the portfolio formation on the principle of conservatism. Quick           
macro-economic changes in the market segment have no significant effect on the  
group's economic results.                                                       
In the real estate segment, the most important project had to do with the       
development activities of the subsidiary OÜ BCA Center in the reconstruction of 
five schools within the framework of the Private Partnership for Tallinn Schools
Project (the scheduled term of completion of three schools was July 2008 and two
schools December 2008).                                                         
A detailed plan for the Ringi 56a real estate owned by AS Kalev REC's associate 
OÜ Ringi Haldus was completed in the period, permitting construction of a 4,600 
m2 apartment building. Design work on the building has already commenced. AS    
Kalev REC's Bulgarian-based subsidiary EOOD Stude REC is just about to complete 
construction of the 6,500 m2 apartment building in Sofia. A permit of use for   
the building will be applied by the end of 2008. Brokers have already been      
appointed for the sale of the apartments.                                       
So far, the group's real estate segment has revolved around development of      
residential and commercial space. The company is, however, refocusing on the    
public real estate market. Kalev REC, Kalev Group's subsidiary involved in the  
real estate segment, is eager to participate in various private partnership     
projects.                                                                       

1.3.4. Media                                                                    
AS Kalev Meedia and its subsidiary OÜ Eesti Spordikanal are involved in three   
segments: print media, Internet, television. AS Kalev Meedia publishes the      
gossip magazine Just, financial magazine Ärielu, sports magazines Sporditäht,   
Basket and Jalka;  car and motorcycle magazine Moto; fashion and lifestyle      
magazines Avenüü and Avenüü Professional, IT magazine Praktiline Arvutikasutaja 
as well as the children's magazines Muumi and Muumi Mõistatuste ja Värviraamat. 
These publications had the following average print runs in the financial year:  
Just 10,500, Ärielu 4,500, Sporditäht 4,500, Basket 4,500, Jalka 4,500, Moto    
5,200, Avenüü 4,500, Avenüü Professional 4,000, Muumi 6,600, Muumi Mõistatuste- 
ja Värviraamat 5,000, Praktiline Arvutikasutaja 4,800. At the same time, actual 
reader numbers are remarkably bigger for these publications—according to the    
Estonian Media Survey conducted by TNS Emor in the third quarter of 2008, Just  
had 36,000, Sporditäht 11,000, Avenüü 14,000, Muumi 15,000, Ärielu 5,000, Basket
7,000 and Praktiline Arvutikasutaja 5,000 readers.                              
Subscription campaigns were organised for different magazines in the reporting  
period in order to boost magazine subscription. To activate retail sales, the   
cover prices of different magazines were lowered in the course of the campaign. 
In august, the Sporditäht magazine was enhanced to contain 100 pages; in        
September, a new car and motorcycle magazine Moto was launched, with the gossip 
magazine Just issued twice a week. The Praktiline Arvutikasutaja launched       
co-operation with the world's biggest IT magazine published International Data  
Group Inc (which issues the world's biggest computer magazine PC World). Under  
the co-operation agreement, Praktiline Arvutikasutaja started publishing the    
materials of PC World, and was also enhanced to contain 100 pages.              
According to the statistics of the news portal www.kalev.ee, the portal had an  
average total of 29 174 unique visits per week (100 762 per month).             
The new sports-orientated news and entertainment channel KalevSport is          
broadcasted by AS Kalev Meedia's subsidiary OÜ Eesti Spordikanal. According to  
the TV Audience Meter Survey conducted by TNS EMOR between 1 July 2008 and 30   
September 2008 (target group: Estonian population over the age of 4), the Daily 
Reach of Kalev Sport was 48,000, the Daily Reach % was 3.7 and the Daily Share  
was 0.5%. A total of 379,000 people watched the Kalev Sport channel in the      
period.                                                                         
As of 30 June 2008, 132 people were employed in Kalev Group's media segment     
(incl 94 in AS Kalev Meedia and 38 in OÜ Spordikanal).                          

1.4. Future activities                                                          

AS Kalev's dairy segment is developed through AS Kalev Paide Tootmine and its   
subsidiaries. Being focused on group expansion so far (having acquired the milk 
processing plants OÜ Põlva Piim Tootmine and AS Tere, see Note 12), the group is
refocusing on the objective of developing from commodity-type dairy product     
manufacturing to Estonia's leading milk processor. The technical work carried   
out in the design of the product portfolio has created additional opportunities 
for valuation of the raw material, thus enhancing export opportunities. Both the
development of the product portfolio and changes in milk processing             
consolidation serve the goal of becoming a competitive dairy product            
manufacturer in the Baltic States.                                              

Kalev Group's confectionery segment is developed through AS Kalev Chocolate     
Factory. In the sugar and chocolate confectionery segment, the group's objective
is to maintain its position as the leader of the domestic market, while securing
its market share in the Baltic States. In product development, the goal is to   
extend the terms of expiry as well as produce healthy products and create new   
flavours. The chocolate confectionery segment focuses on the development of     
chocolate tablets, chocolate candies and boxed chocolate candies, while the     
sugar confectionery segment focuses on chewing candies and toffee. In the pastry
and flour confectionery segment, the focus lies on the domestic market. Both    
product development and equipment investments focus on supporting the major     
segments, thus increasing profitability, improving export capacity, enhancing   
production efficiency and reducing manual labour.                               

The group's real estate segment is developed through AS Kalev REC and its       
subsidiaries. So far, the real estate sector in Estonia has allowed Kalev Group 
to actively pursue real estate development and management. The group has mainly 
focused on the development of residential and commercial space.  The public real
estate market, however, has a growing potential and provides new expansion      
opportunities, including partnership projects (see Note 12).                    

AS Kalev Meedia and the event marketing segment continues to develop its        
operations as regards both content and volume. The objective is to boost reader 
numbers and advertising income. We also exploit the opportunities of expanding  
in the media market, incl. launching new publications and pursuing expansive    
development. To complement the channels' current focus on news and sports, the  
media segment is also open for development into other areas (see Note 12).      

INCOME STATEMENT                                                                
in thousands of kroons and euros                                                
--------------------------------------------------------------------------------
|                                |    Consolidated EEK |      Consolidated EUR |
--------------------------------------------------------------------------------
|                                |  3 months |       3 |   3 months | 3 months |
|                                |           |  months |            |          |
--------------------------------------------------------------------------------
|                                |      2009 |    2008 |       2009 |     2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue                        |   353 900 | 311 832 |     22 618 |   19 930 |
--------------------------------------------------------------------------------
| Cost of sales of goods and     |  -241 162 |    -230 |    -15 413 |  -14 707 |
| services                       |           |     108 |            |          |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| GROSS PROFIT                   |   112 738 |  81 724 |      7 205 |    5 223 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Marketing expenses             |   -33 196 | -32 626 |     -2 122 |   -2 085 |
--------------------------------------------------------------------------------
| Administrative and general     |   -23 301 | -25 695 |     -1 489 |   -1 642 |
| expenses                       |           |         |            |          |
--------------------------------------------------------------------------------
| Other income and expenses      |    -2 511 |     -89 |       -160 |       -6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| OPERATING PROFIT               |    53 730 |  23 314 |      3 434 |    1 490 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income and expenses  |   -23 887 | -12 333 |     -1 527 |     -788 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| PROFIT BEFORE INCOME TAX       |    29 843 |  10 981 |      1 907 |      702 |
--------------------------------------------------------------------------------
| Income tax                     |         0 |    -149 |          0 |        0 |
--------------------------------------------------------------------------------
| PROFIT BEFORE MINORITY         |    29 843 |  10 832 |      1 907 |      702 |
| INTEREST                       |           |         |            |          |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Minority interest              |        28 |       5 |          2 |        0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| PROFIT ATTRIBUTABLE TO THE     |    29 815 |  10 837 |      1 906 |      693 |
| PARENT COMPANY                 |           |         |            |          |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EPS attributable to the owner's of the parent        |            |          |
| company                                              |            |          |
--------------------------------------------------------------------------------
|  (basic and diluted)           |      1.26 |    0.46 |       0.08 |     0.03 |
--------------------------------------------------------------------------------



BALANCE SHEET                                                                   
in thousands of kroons and euros                                                
--------------------------------------------------------------------------------
|                             |      Consolidated EEK |       Consolidated EUR |
--------------------------------------------------------------------------------
|                             | 30.09.200 | 30.06.200 | 30.09.2008 | 30.06.200 |
|                             |         8 |         8 |            |         8 |
--------------------------------------------------------------------------------
| ASSETS                      |           |           |            |           |
--------------------------------------------------------------------------------
| Current assets              |           |           |            |           |
--------------------------------------------------------------------------------
| Cash                        |     6 888 |   103 495 |        440 |     6 615 |
--------------------------------------------------------------------------------
| Receivables                 |   250 753 |   170 678 |     16 026 |    10 908 |
--------------------------------------------------------------------------------
| Prepayments                 |     1 895 |     2 149 |        121 |       137 |
--------------------------------------------------------------------------------
| Inventories                 |   143 014 |   191 952 |      9 140 |    12 268 |
--------------------------------------------------------------------------------
| Total current assets        |   402 550 |   468 274 |     25 728 |    29 928 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current assets          |           |           |            |           |
--------------------------------------------------------------------------------
| Long-term investments and   |   538 449 |   413 302 |     34 413 |    26 415 |
| receivables                 |           |           |            |           |
--------------------------------------------------------------------------------
| Investment property         |   336 157 |   335 990 |     21 484 |    21 474 |
--------------------------------------------------------------------------------
| Property, plant and         |   563 632 |   572 024 |     36 023 |    36 559 |
| equipment                   |           |           |            |           |
--------------------------------------------------------------------------------
| Intangible assets           |    20 828 |    20 761 |      1 331 |     1 327 |
--------------------------------------------------------------------------------
| Total non-current assets    | 1 459 066 | 1 342 077 |     93 251 |    85 774 |
--------------------------------------------------------------------------------
| TOTAL ASSETS                | 1 861 616 | 1 810 352 |    118 979 |   115 703 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES AND OWNER'S EQUITY          |           |            |           |
--------------------------------------------------------------------------------
| Liabilities                 |           |           |            |           |
--------------------------------------------------------------------------------
| Current liabilities         |           |           |            |           |
--------------------------------------------------------------------------------
| Short-term borrowings       |   244 615 |   696 070 |     15 634 |    44 487 |
--------------------------------------------------------------------------------
| Prepayments from customers  |    18 781 |    18 584 |      1 200 |     1 188 |
--------------------------------------------------------------------------------
| Payables to suppliers and   |   230 236 |   304 817 |     14 715 |    19 481 |
| other payables              |           |           |            |           |
--------------------------------------------------------------------------------
| Total current liabilities   |   493 632 | 1 019 471 |     31 549 |    65 156 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current liabilities     |           |           |            |           |
--------------------------------------------------------------------------------
| Long-term borrowings        |   866 758 |   319 489 |     55 396 |    20 419 |
--------------------------------------------------------------------------------
| Total non-current           |   866 758 |   319 489 |     55 396 |    20 419 |
| liabilities                 |           |           |            |           |
--------------------------------------------------------------------------------
| Total liabilities           | 1 360 390 | 1 338 960 |     86 945 |    85 575 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Owner's equity              |           |           |            |           |
--------------------------------------------------------------------------------
| Share capital               |   236 325 |   236 325 |     15 104 |    15 104 |
--------------------------------------------------------------------------------
| Mandatory reserve           |     5 543 |     5 543 |        354 |       354 |
--------------------------------------------------------------------------------
| Revaluation reserve         |   106 215 |   106 215 |      6 788 |     6 788 |
--------------------------------------------------------------------------------
| Retained earnings           |   153 066 |   123 251 |      9 783 |     7 877 |
--------------------------------------------------------------------------------
| Total owner's equity        |   501 149 |   471 334 |     32 029 |    30 124 |
--------------------------------------------------------------------------------
| Minority interest           |        77 |        58 |          5 |         4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND       | 1 861 616 | 1 810 352 |    118 979 |   115 703 |
| OWNER'S EQUITY              |           |           |            |           |
--------------------------------------------------------------------------------

Additional information:                                                         
Tarmo Maasikamäe                                                                
Financial director                                                              
Tel 6886600                                                                     
grupp@kalev.ee

Attachments

toimeng_2009_q1_.pdf